|Brentford Flats Back in Demand|
But only ten houses sell in TW8 in last quarter of 2010
The slump in flat sales in Brentford seems to have ended for now with sales rising by 27% compared to the same period last year according to the latest figures published by the Land Registry.
However, transaction levels remain a third below what they were five years ago and it is believed that developers have a substantial inventory of unsold units still to come to the market in the area.
At the same time sales of houses in the area have plummeted with only 10 changing hands in the final three months of 2010.
Overall average prices are down compared with the previous quarter and year but flat prices have rising in this period whereas terraced house price falls have dragged down the overall average.
London as a whole remains by far and away the strongest area in the country in price terms with home values rising by 6.2% in December compared to the same month in 2009. The average London property now costs £342,325. For England and Wales as a whole property prices rose by 1.5% with many areas of the north seeing falling values over the year. The average home price in the U.K. is now £163,814.
The Nationwide House Price Index, which is based on offer prices rather than achieved sale prices like the Land Registry figures shows a slight fall in values in the early part of 2011. Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “The property market entered 2011 with a whimper rather than a bang, with house prices edging down slightly in January."
He added, "interest rates are only likely to rise gradually, most likely in the second half of the year. This in turn should have only a relatively modest impact on the housing market, especially since it is likely to take place against the backdrop of a strengthening economic recovery."
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
Brentford Property Prices - October - December 2010
Where do I live? Brentford TW8 postcodes are divided into three sectors, TW8 0xx, TW8 8xx and TW8 9xx. Broadly speaking, TW8 0xx covers areas east of Boston Manor Road, TW8 8xx goes west of Boston Manor Road, whilst TW8 9xx covers the areas to the north of the A4.
Source: Land Registry
February 17, 2011